Dan Burke

Cyber Insurance is more important that ever. Every business has an exposure. Reach out if you would like more information on this important coverage.

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Get ready for the release of NetDiligence®'s recent San Diego Cyber panel, starring our own John Farley. Starting June 6th, you can stream this captivating discussion on Accessing AI Risk Management Frameworks. Be sure to catch it here! https://lnkd.in/gVpDT7kH #Cyber #Insurance #CyberRiskSummit

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Coalition, Inc. just released their 2024 Cyber Claims Report, which details emerging cyber trends and the impact on their cyber policyholders in 2023. Ransomware grabs the spotlight. And understandably so. But there are certainly other significant cyber threats that businesses need to be aware of. Key Finding: Cyber claims originate in the email inbox - More than half of all cyber insurance claims (56%!) were the result of Funds Transfer Fraud or Business Email Compromise that originated in the email inbox. Email has proven to be an easy place for attackers to discover payment info and potentially intervene in payment processes to steal funds,” said Robert Jones, Coalition’s Head of Global Claims. Why is this important? Funds Transfer Fraud and Business Email Compromise will remain persistent threats since they’re relatively easy to execute for cybercriminals. Both can cause significant damage to businesses. The average loss from a Funds Transfer Fraud incident is more than $278,000. A well-structured cyber insurance policy can help businesses recover from these cyber threats. Cyber insurance extends far beyond addressing ransomware incidents. Cyber insurance isn't a replacement for strong network security. But in the event of a cyber breach, a comprehensive cyber insurance policy can help businesses protect their data, their network, their bank accounts & their reputation. #cyberinsurance #cyberattack #cybercrime https://lnkd.in/efS37rA5

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An update from Advisen-Zywave: The # of publicly reported data breaches has doubled in Q1 of 2024. That's up 90% YOY. The stats show that the number of affected individuals has dropped, but here's another historical statistic: "The first quarter of the year historically features the lowest number of data compromises, according to ITRC, suggesting breach stats will only rise through the year". (according to ITRC) If your company has invested in preparing and defending itself against threats against your network, your people from falling victim to attacks on their human nature and overall, hardened your defenses, it still may not be enough. Talk to your insurance professional and learn about how Privacy & Network Security Insurance is not just a policy that pays when you file a claim, it is a tool that you can use to find peace of mind and focus on what is important to your company. #amwins #cyberliability #cybersecurity ADVISEN Zywave Amwins

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Did you know that California Senate Bill 553 went into effect this summer? This recent law mandates any company with more than 10 employees in California must have a workplace violence plan in place, including recordkeeping and annual training. Chubb Risk Consulting has the resources to assist your organization in meeting this requirement, regardless of your headquarter. Whether you need help in developing a plan, training your staff, or establishing a recordkeeping system, we have you covered. Contact us to learn more about SB553 and how we can support your compliance efforts. https://lnkd.in/eDb_FUgq

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It'll be interesting to see what BI / Contingent BI claims start coming in as a result of the Microsoft / Crowdstrike outage. It has been emphasized that it was not a cyber attack or security failure. Will it then fall under coverages for system failure? Watch this space! #businessinterruption #cyberbi

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Considering a merger or acquisition? Be aware of the cybersecurity risks! From data breaches to compliance issues, navigating these challenges require careful planning. https://ow.ly/yX6R50T1vB7

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Did you know that California Senate Bill 553 went into effect in July? This recent law mandates any company with more than 10 employees in California must have a workplace violence plan in place, including recordkeeping and annual training. Chubb Risk Consulting has the resources to assist your organization in meeting this requirement, no matter where your headquarters are located. Whether you need help in developing a plan, training your staff, or establishing a recordkeeping system, we have you covered. Contact us to learn more about SB553 and how we can support your compliance efforts. https://lnkd.in/gqqaf4HC

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Coalition, one the leading providers of Cyber Insurance and whom we place a substantial amount of business, just released their 2024 Cyber Claims Report. While the report goes into quite a bit of depth as to where they are seeing claims and the areas of vulnerabilities, today's Business Insurance offers a good summary: - 56% of all claims this year stemmed from Funds Transfer Fraud (FTF) or Business Email Compromise (BEC) - Use of certain network security devices exposed businesses to significantly more cyber claims - 13% increase in claims frequency and 10% increase in severity with the average loss being $100,000 - Average ransomware losses exceeded $263,000 while FTF losses were more than $278,000 I found this report to be informational, perhaps you will as well.

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It is our responsibility as brokers to read the policy and educate our clients whether there is coverage for biometric claims. I have seen Biometric “endorsements” on some cyber policies giving the impression there is coverage for these claims. However, if you take the time to read and understand the language I can assure you there is little to no coverage. When the underwriters can’t explain it, that should tell you something.

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When I started posting about #CyberInsurance, I thought risk managers and CISO's would beat a path to my door and ask me to be their broker. Boy, was I wrong. You know who engaged with me instead? - Cybersecurity vendors who wanted to tell me about their service offerings so that I could share the information with my clients. - Continuing education providers who invited me to speak on their webinars. - Media outlets who needed a quote from an "expert" on Cyber risk. - Law firms who were hoping to pick my brains about how to get on the carriers' pre-approved "panels." These connections all presented opportunities for me to help others, and in doing so, build relationships. And, lo and behold, several of these connections ended up referring business to me. A few have even become clients in their own right. Turns out, the best way to make a friend is to be a friend. #Networking

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The stakes have never been higher for those on the front lines of cybersecurity incidents. Recent developments in the regulatory landscape have put CISOs at risk of facing significant personal civil and criminal liability for their handling of data breaches and associated disclosures. 😱 The U.S. Securities and Exchange Commission made waves when it charged software company SolarWinds Corporation and its CISO, @Timothy G. Brown, with fraud and internal control failures related to cybersecurity risks and vulnerabilities. This marked the first time the Commission has charged a CISO, seeking substantial monetary penalties and a permanent ban on Brown's ability to serve as an officer or director in any public company. 💰 But that's not all – new cybersecurity rules by the SEC and regulations by the New York State Department of Financial Services Services (NYDFS) suggest that CISOs could face further breach-related enforcement actions. The SEC's cybersecurity disclosure rules, effective as of December 2023, oblige regulated companies and their CISOs to make timely disclosures about material cybersecurity incidents and risk management programs. 📋 Meanwhile, the NYDFS appears to be targeting CISOs in their personal capacity for company-wide cybersecurity failures. One key provision in their recently amended Cybersecurity Regulations requires CISOs of covered entities to submit an annual certification of compliance, putting their conduct under scrutiny. 🔍 So, what can companies do to protect their CISOs and other cybersecurity executives? The article suggests several best practices, including: 1. Establishing clear reporting lines and decision-making protocols 📊 2. Maintaining a robust cybersecurity framework 🔒 3. Developing and testing an incident response plan 🚨 4. Staying on top of legal and regulatory obligations 📜 5. Implementing a detailed record-keeping protocol 📝 6. Promoting a strong CISO/legal counsel relationship 🤝 7. Fostering a culture of ethical conduct and transparency 🌟 8. Securing adequate cybersecurity insurance 🛡️ 9. Providing sufficient resources, including continuing education 📚 By adopting these practices, companies can demonstrate their commitment to cybersecurity and significantly reduce the potential for personal liability among their CISOs and other key stakeholders. I'm curious to hear your thoughts on this evolving landscape. How is your organization addressing the growing personal liability risks faced by CISOs? What strategies have you found effective in navigating this complex regulatory environment? 🤔 #CyberSecurity #CISO #PersonalLiability #RiskManagement

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Cyber attacks are becoming more organized and aggressive as technology evolves. No business is exempt from the threat of a cyber attack. At Callahan Risk, we provide the right coverage and premiums to keep your business protected from cyber criminals. Contact Callahan Risk today. Read more about cyber attacks in the article below: https://ow.ly/wXV550Sxgo9 #cyberinsurance #cyberattack #riskmanagement

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🚨 Information on the CMS Proposed Ruling for the 2026 Plan Year 🚨 This 278-page document holds several implications for our industry, and here are the highlights: 1️⃣ Combatting Fraud: CMS is looking to expand its authority to quickly suspend and terminate bad actors, ensuring faster action against provable fraud. 2️⃣ Model Consent Form Expansion: A revamped model consent form will provide agents with clearer guidelines on what requires client consent—this is a win for transparency and compliance! 3️⃣ Grace Period Updates: Clients with monthly payments under $5 or a small percentage of their premium will not enter the grace period, preventing unnecessary cancellations for minor payment issues. 4️⃣ User Fee Adjustment: The proposal aims to increase the user fee from 2% to 2.5%, which supports CMS and federal marketplace operations. This also highlights the incentive for state-based exchanges. 5️⃣ Validation of Special Enrollment Period (SEP) Documentation: Starting January 2025, CMS will validate SEP documents for loss of coverage, addressing a longstanding need in our marketplace. 6️⃣ Duplicate Application Checks: To clean up the market, CMS plans to implement upfront duplicate application checks, reducing instances of bad actors submitting multiple applications. 🔔 Important Reminder: Ensure your FFM certification is completed by October 23rd to avoid being shut out of the marketplace! Your voice matters! I encourage you to review the proposed ruling and submit your comments on the Federal Register if you have concerns. Wishing you all a successful open enrollment period! Let’s navigate these changes together, and be a part of changing OUR industry for the better! #HealthInsurance #ACA #CMS #OpenEnrollment

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One trait that can set a motor carrier apart from its peers is how it responds after an incident occurs. Post-incident driver coaching can play a crucial role during this stressful period and requires a delicate balance of support and accountability. https://hubs.la/Q02NPHxG0

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"We prioritize cybersecurity, but do we still need insurance?" - This is a common startup question.❓ Here's why cyber liability insurance is STILL crucial: ✅ Cybercrime evolves: new threats emerge constantly. Insurance protects you if an unforeseen attack bypasses your defenses. ✅ Human error happens: accidental breaches or phishing scams can occur. Insurance helps cover response costs. ✅ Legal battles can arise: a lawsuit alleging a cyber incident, even unfounded, can be expensive. Insurance covers legal defense costs. ✅ Third-party risks exist: a vendor's data breach can impact you. Insurance helps cover your financial responsibility. Cyber security CAN'T be your only defense! Cyber liability insurance provides peace of mind, allowing you to focus on growth without cyber worries.🙌🏻 #cybersecurity #startups #insuranceforstartups #riskmanagement #competitiveedge #insuranceforbusiness #businessinsurance

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Intangible Assets are jumping off of a part of enterprise's balance sheet to become risk factors that impact the entire enterprise's balance sheet (and existence). #cyber #intangibleassets

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⚠️ A massive data breach has exposed the personal information of 800,000 insurance customers, impacting sensitive details like Social Security numbers, passport numbers, and more.  This breach is a GREAT reminder of the growing need for robust cybersecurity, particularly in industries handling private data.  Landmark Admin, the affected company, is offering identity theft protection services to support those impacted. Stay informed on the full scope of the breach and learn steps to protect your information, check out the article for all the details👇🏻: 🔗 https://lnkd.in/gPK-HRvu #databreach #cybersecurity #insurance #identityprotection #cybersecuritytips #cybersecurityinsights

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